35 Burst results for "Blackrock"
"blackrock" Discussed on Bloomberg Radio New York
"Strategy, strategist, rather at BlackRock investment institute. Vivek, what's your take on this? What does it mean for how useful or concerning China can be to the rest of the world economy? The big picture here for China if you're an international investor is trying to second guess what the authorities are doing is more difficult in an environment where effectively they're not just purely prioritizing economic growth. And I think that is the environment that we're in here. Clearly being over the last couple of years, the shift in terms of the broad policy in terms of not just prioritizing pure economic growth, but more common prosperity. And I think as an international investor, trying to sort of see that for what it is means that you might have to associate a little bit of a higher risk premium when you're thinking about investing in Chinese assets. So what you're telling me is that it could be volatile that we could see a stop and start of the Chinese economy over a couple of quarters. I think the other news clearly from China that's been incrementally positive has been clearly the idea of the relaxation from the very sort of stringent zero COVID policy. So I think clearly there are some reasons to kind of anticipate some element of rebound. But I think for us, it doesn't really materially shift the bigger picture in terms of it was already factored in to our expectations of growth in the coming year. They will be more positive next year than it was this year. That won't be hard to do, but I think the bigger picture here is that there are still some material headwinds. Here, more conversations like this one on Bloomberg television, streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings. Is this the tip of an iceberg in terms of layoffs
Liberty University's Dave Brat on the State of the U.S. Economy
"It's time to talk the truth about the economy with our good buddy former Virginia congressman dean of the business school at Liberty University, dean brat. Welcome back to America first. Great to be on. Thanks. So we've got an amazing cut. If we have time, I'll play to you from Andy puzder. But there's some fascinating news out there, BlackRock losing money, Vanguard might be in trouble. Is there something in the air that the ESG will of corporate America and investment funds may have run its course or am I being overly optimistic? Probably a hair optimistic, but they miscalculated. So who would a foresaw the decline of globalism and China cracking up? They got ghost cities, their debts, 300% of GDP. Ours is a 150. I thought that was bad. They're 300. They got locked downs of ten major cities at 30 million persons of pop. They've got bubbles all over their economy and so it's interesting, right? So BlackRock, Larry Fink, et cetera, ESG goes over there because they got a good clean environment. That's a joke. And they have good corporate governance and all that. So, you know, they use that as deploy and guilt folks in and to shame people in and to force coerce the Fortune 500 to join in. But now they miscalculated on the business. So perhaps they should have listened to their arch nemesis Milton Friedman many years ago who said the business of business is the maximization of profits and the profits have the greatest social welfare effects positive for humanity that you can imagine.
You Don't Have Any Leverage, Joe!
"Biden tried to make a secret deal. And Michael schellenberger has this up on his substack. He tried to make a secret deal with OPEC, didn't tell us. He said, we're going to empty strategic oil reserve. And then we're going to make a deal with you so that you don't drive the price up. We're going to promise that we're going to buy it to replenish 200 million barrels. At $80 a barrel. What did the Saudis do? The Saudis turned to the Russians and they said, well, guess what? We can cut production all the way because you don't have any leverage. Joe, you have no idea how any of this works. And the people surrounding you from BlackRock and Blackstone who have God knows where else, they have no clue how this works. In fact, they want the price of oil to be $200 a barrel. So everybody has to switch over to EVs and solar panels and wind turbines that kill our bald eagles. They turned around and said, you cut your production, you have no leverage over us. We're going to cut our production too. Now, instead of you, you're going to promise to buy it at $80 a barrel, we're going to force you to buy it at a $100 a barrel, a 120, a 150, maybe even as much as 200. You idiot. You absolute morons.
"blackrock" Discussed on The Coin Bureau Podcast: Crypto Without the Hype
"The economy is crazy right now. All time high inflation very stock market rising home prices and interest rates make your money go further and work harder with a certified financial planner professional from facet wealth, certified financial planner professionals, and fiduciaries. They're legally bound to do what's in your best interest. Facet has a simple flat fee, no hidden charges. There are no commissions. Try facet wealth dot com, TRY, FACT wealth dot com. That's a wealth is an SEC registered investment adviser. This is not an offer to buy your cell security, nor is it investment legal or tax advice. What does it take to truly disrupt an industry? How do you overcome the fear of failure? When is it time to take a risk? I am bob Pittman, chairman and CEO of iHeartMedia, and these are the kind of questions we explore on my podcast math and magic. Stories from the frontiers of market. This season, I sit down with some of the most unique thinkers to swap lessons and stories of making our work bigger and better. We'll hear from business leaders like Christian Joel, global CEO of group M to really important behavior people realize it's okay to fail. And it comes out of Silicon Valley. Fail fast, get smarter quick. Suzy deering, CMO, a Ford Motor Company. We are at that moment when it all changes. And I think that a big part of the why we're at that moment is because of the F one 50 lightning. It changed everything. Steve Cooper, CEO of Warner music group. Technology is like an avalanche. You either get out in front of it or it's just going to bury. Listen to math and magic on our very own free iHeartRadio app. Apple podcast, or wherever you get your podcast. I'm Curtis Fitz Jackson. And I'm Charlie Webster. Listen to the podcast surviving El Chapo, the incredible true story of the identical twins from Chicago, who built America's biggest drug trafficking empire. The only reason el Chapo is now in prison. And they've never spoken publicly until now. My brother and I had the only legal recording of chapel's mind. Listen to surviving El Chapo, the twins who brought down a drug lord. On the iHeartRadio app, Apple podcasts or wherever you get your podcasts.
"blackrock" Discussed on The Coin Bureau Podcast: Crypto Without the Hype
"blackrock" Discussed on The Coin Bureau Podcast: Crypto Without the Hype
"Of iHeartMedia, and these are the kind of questions we explore on my podcast math and magic. Stories from the frontiers of marketing. This season, I sit down with some of the most unique thinkers to swap lessons and stories of making our work bigger and better. We'll hear from business leaders like Steve Cooper, CEO of Warner music group. Technology is like an avalanche. You either get out in front of it or it's just going to bury you. Listen to math and magic on our very own free iHeartRadio app. Apple podcast, or wherever you get your podcast. Hello everyone and welcome to the latest episode from the mid week edition of the coin bureau podcast. Every week I pick out two of my favorite videos from coin bureau's YouTube channel to present to you in podcast form. The audio you're about to hear is from those videos I've chosen this week. Many of you have been in touch to ask whether it's possible to listen to our videos in podcast format and so your wish is my command. This week I've selected our videos about upcoming crypto regulations in the European Union and a report published three years ago by BlackRock which seems to have managed to predict the future. Now make no mistake a regulatory tsunami is heading towards the crypto industry and its effects are going to be profound. As such, any insights we can glean into what these regulations will look like are vital. Not only in helping us prepare for impact, but also in allowing us to have some influence over their eventual form. While regulators in the United States continue to sound off negatively about crypto, it's happily looking like a different story over in Europe. There, the markets in crypto assets regulation or mica Bill is getting close to being voted into law, which would mean clear and coordinated crypto regulations throughout all 27 EU member states. What makes this news even better is that the bill's authors seem to have taken on board many of the criticisms leveled at an earlier draft of the legislation. The result is a bill that looks like being a lot more friendly to crypto than many anticipated. That's not to say there aren't areas of concern still, but it does seem like a big step in the right direction. We were lucky enough to see a leaked copy of the bill in advance and you'll hear our thoughts on it all in this episode. Next, BlackRock is a name that just keeps coming up more and more often these days. For those unfamiliar, this giant of a company is the largest asset manager in the world, which means it's one of the most powerful forces at work in financial markets and beyond. Back in 2019, just a few months before the pandemic turned the world upside down, BlackRock published a report that predicted the extreme lengths that U.S. monetary and fiscal policies would have to go to in the event of the next economic downturn. Turns out, the authors called it pretty well. So have a listen as we unpick this report and draw some conclusions from it about what the rich and powerful want for the world. I hope you enjoy listening to these two pieces and I'll be back talking crypto with Mike very soon, so be sure to stay tuned. And if you want even more content from coin bureau, be sure to subscribe to our YouTube channel and visit us on social media too.
'The Bodies of Others' Author Naomi Wolf Shares Disturbing Revelations
"To Naomi wolf, the book is the bodies of others Naomi, you were just about to make a big point we went to a break. Go ahead. Yeah, thank you. So in addition to all these horrific, I mean just ruining human beings and recent data has shown that disabilities. This is Ed Doug, the former BlackRock hedge fund manager has shown that disabilities are up catastrophically among working age Americans. And if you see the vice documents, you know exactly why. But let's fast forward to what's most disturbing to me. What's most disturbing to me is in the Pfizer documents we now have about ten reports about this by our experts. There's a 360° attack on human reproduction. And it's highly intentional. So it's everything from we were assured that the lipid nanoparticles which are an industrial fat covered in polyethylene glycol, which is a petroleum byproduct, right? That's in the mRNA injections. We were told by all the spokespeople that they stay in the injection site. But that's a lie. And doctor Robert Chandler, a very distinguished volunteer of ours who has treated the Lakers and the angels. He's a sports medicine expert. He's a peer reviewer. He found from the Pfizer documents that these materials leave the injection site and go to every organ in your body within 15 minutes. But they accumulate in certain organs. It's not just that the lipid nanoparticles, it's the spike protein, which is toxic, and the mRNA. They accumulate in your spleen, your adrenals, your liver, but if you're a woman, they accumulate in your ovaries and what's so disturbing. Remember I was de platformed a year ago and attacked globally for accurately saying that women were having horrible problems with their menstrual cycles. These industrial fats covered in a petroleum byproduct are lodging in the ovaries. But doctor Chandler found that they accumulate in the ovaries like that, but they don't have a mechanism to leave the body that he could see.
"blackrock" Discussed on Bloomberg Radio New York
"Of Northern Trust. Coming up, it's an uncertain time for investors full of risk without a lot of certain return. But Rick rear BlackRock thinks that there's a potential for the patient investment to really do quite well. That's coming up next on Wall Street week on Bloomberg. Circle is bringing together developers and entrepreneurs from around the world to continue building on the momentum of the ecosystem surrounding USD C we'll hear from thought leaders and change makers on where the digital asset industry is today, and more importantly, where it's headed. Join us in San Francisco for circles converge 22 from September 27th to the 30th to shape the future of money and a digital asset ecosystem. Go to converge that circle dot com to register and learn more. What is dedication? The thing that drives me every day is a day is very un we call them day to day for short. Every day he's hungry for something, whether it's attention, affection, knowledge, and there's this huge responsibility and making sure that when he's no longer under my wing, that he's a good person. I think the advice I would give is you don't need to know all the answers. The craziest thing was believing that your dad knew everything so as a dad you felt like you had to know everything. You had to get everything right. It's okay to make mistakes. As long as it's coming from love, then, you know, it kind of starts to work itself out. I want him to be able to
BlackRock Defends Work With Climate Groups Amid Republican Attacks
"A BlackRock Inc executive said the top asset managers work with investment industry groups doesn't prevent it from making independent decisions for clients Looking to counter a growing line of attack from Republican U.S. politicians Rights Reuters Delia blast BlackRock senior managing director In a letter sent late today wrote that we do not coordinate our votes or investment decisions with external groups or organizations You do impose your will otherwise this would not be an issue For instance she wrote that when BlackRock joined the climate action 100 plus An effort among big investors to engage companies on climate change the firm made clear that it was not a grain to trade shares or acting concert with other investors to acquire tight control of any company I seem to have read I think it was in the New York Post That they did in fact compel ExxonMobil to choose one or two radicals to serve on its board
Vivek Ramaswamy: The Crucial Difference of Strive
"So I started a new company It's called strive It is competing directly with BlackRock and what's drive is doing is we launched our first fund this is the first of many to come but we launched a first fund which is a U.S. energy index fund What does that mean It invests in the large American energy companies the other index funds also do the same thing But the crucial difference is that we apply a different voice and vote to those companies We mandate American energy companies to drill to frac to do whatever allows them to be most successful without apologizing for it And without advancing somebody else's political agenda or somebody else's climate change agenda by imposing that un American energy companies And you'll love the ticker of it then I rang the bell of the New York Stock Exchange a couple of weeks ago It is called DRL drill It trades on the New York Stock Exchange And the thing I loved about it is it was in the first week We had a $100 million before even the end of the second week The second full week isn't even done In the middle of the second week we crossed $200 million And I'm so grateful because it comes from the support of everyday citizens I'll explain them to you You'll understand this is the average trade size in the first week was less than like $5000 The average trade size of the other index funds or the other ETFs as they call them that reached over a $100 million within the first week was much higher What does that signal that sense to me And we had hundreds of thousands of visits to our website in the first couple of weeks that strive dot com and strive funds dot com Is that everyday citizen is hungry for this message because their money has historically been abused by somebody else to advance these toxic agendas We say we're done with that Let's get companies to focus back on their products And yes focus on profits without having to apologize for it
Vivek Ramaswamy: Large Investors Are Using Your Money to Force Political Agendas
"What happens is that the large investment managers blast rocks on that list state street Vanguard invesco I could go on These large investment managers what they are doing is they're taking the money of everyday citizens ordinary hardworking Americans And then they're using that money to buy shares in American companies That they're supposed to do But here's the part they're also not supposed to do that they're doing anyway They're using that money to tell these companies to adopt one sided political values that most of the everyday citizens actually disagree with So they go to Apple BlackRock did and votes in favor of racial equity audit proposals They go to Chevron and vote in favor of scope three emissions caps that have caused American energy companies to drill for less oil to frack for less natural gas which by the way has contributed to a generational energy crisis in this country You know what Dan from the hive Nas prices at the pump to the inability to access electricity in certain state that is directly a product of the so called ESG movement That's what you call when these large asset managers forced corporate America to adopt these values but the fraud in all of this is that they're not using their own money to do it They're using your money The money of the listeners of this program to advance those agendas that leave American investors and American citizens holding the bag And I think that's what people need to wake up to is that the good news is they're empowered You don't have to wait till November to vote you vote every day with your dollars and where they're invested And every time you see Disney take up a transgender debate across the country or you take a company like Apple adopting racial equity quota systems you don't have to wonder why they're doing it They're doing it because their shareholders the top institutions like BlackRock are using your money to tell them to adopt those agendas And that's what needs to be fixed And that's what I'm working on fixing through the market
Vivek Ramaswamy: U.S. Energy Profits Have Grown Faster Than U.S. Tech
"Not a lot of people know this Over the last four years the energy sector's profits have grown faster from June of 2018 through the end of last month in July The energy U.S. energy sector profits have grown faster than U.S. tech sector profits That's a fun fact but not a lot of people know But the stock prices of U.S. energy stocks actually underperformed U.S. tech stocks by a lot Why is that It's because of the ESG movement that mandates these companies and ties them up with handcuffs and says that you know what After 2030 there is going to be no fossil future There is going to be no fossil fuel usage after another decade or two And so what investors then say is they say that you know what even if those companies earning profits today they're going to trade at a lower stock price Well guess what I think that over the next ten years U.S. energy could become like what tech was over the last ten years if we take these ESG handcuffs off the sector and tell them you know what you can drill You can frack You can grow and you can be proud of it if the shareholders of these companies are no longer just the BlackRock state street and Vanguard ESG climate progressive message that tells them to constrain themselves But instead a new shareholder message that says your potential and drill and frack and do whatever you need to do then guess what Some of the I think some of the largest companies in the world could be American energy companies And you know what Some people may think that's a ridiculous thing to say when the largest companies today are for tech companies Apple Microsoft Google and Amazon But I'll remind you that actually as recently as 2013 the largest company in the world by market capitalization was actually a U.S. energy company And it's no accident that that was before these ESG movements began picking up in the late 2010s and early 2020s to put a wet blanket on American energy And so I
Vivek Ramaswamy: We Don't Apologize for Excellence
"Vivek I call it the stupidity arbitrage because we spend all this time sophisticated folks like yourself who you BioTech guy no one's going to question your intelligence out there You've done a lot of really brilliant things and created companies and everything But I call this the stupidity arbitrage because it really is dumb You've got a bunch of energy companies We know we know there's a market for energy and we'll be in the future because there's no viable alternative If liberals don't want to invest in those conservatives have an opportunity here And it's like when they teach you in marketing one of the first things they teach you is you want to associate your product with something positive not negative I dispute that I said to someone when I first got involved in rumble You know what our marketing pitch is I said I'm marketing pitches We're not YouTube That's it I said you know I said marketing by negation I understand isn't inherently bad idea I said not now I said people are fed up with Twitter censorship They have people are fed up with YouTube censorship and if we can go there and commit to free speech boldly and proudly and say we are not those guys There's a market for this I think what your company saying hey we're not the woke left We believe in the power of American energy and damn it we're going to invest in it We're not the other guys is your pitch That's right And we're darn right We're going to invest we're going to be proud about telling these companies to you know what You should be focused on drilling fracking do whatever makes you successful make money through the system of American capitalism reward your shareholders We reward our clients society makes more money Great That's the way it is supposed to work And we don't need to apologize for it with anyone's climate change agenda Anyone's racial quota system based agenda Anyone's diversity equity inclusion agenda We ain't apologizing for excellence That's what we're actually doing And it's both it's both negation of BlackRock and the revival of our value of excellence American excellence And I think everyday Americans should be a part of it
Vivek Ramaswamy Describes the Rise in and Problem With ESG
"It's Vivek, Rama Swami, and he joins us right now. He is behind a new effort called strive to fight E, S, G what exactly is ESG? Vivek, welcome back to the program. Good to see you. How are you doing? I'm doing great. First, congratulations, great interview with Tucker last evening, but let's start at the beginning because some of our audience, they're not really as well versed in this as I think they would like to be. They're very busy and it can be very confusing. What is ESG and how does that impact normal everyday people? Yeah, so the rise of ESG is basically a way for quasi governmental actors in the private sector to use your money to advance progressive values in corporate America without you knowing it. So Charlie, I know that sounds confusing. Here's how it works. Is a group of large asset managers. Let's name them. BlackRock, state street and Vanguard. What they do is they aggregate the money of everyday citizens, probably most of the viewers of this program. And then they use that to buy up shares in public companies and corporate America. And then they tell those companies to adopt diversity equity inclusion quota systems for race or gender, carbon caps, climate change measures, scoped three emissions caps that most of those everyday citizens don't actually agree with. I think it's a form of financial fraud actually, Charlie, using someone else's money. To advance agendas that the owner of capital, the citizen disagrees with, that's a problem. No one has yet stepped up to solve it. In my view is I'm not going to wait for politicians to solve this problem. I think we can solve it through the market. That's why I found it strive. But this is hopefully the beginning of a great uprising of everyday citizens saying that it's not just our voice. It's our money too,
Louisiana State Treasurer John Schroder Discusses the ESG Movement
"Treasure. Let's slow this down for Pittsburgh steeler fan USC Trojans out there. ESG stands for environmental social governmental. And it's policies that corporations put in place and say, we're not going to harm the environment. We're not going to invest in socially left wing antitheses. And the governmental processes of these organizations, we're going to reform ourselves that we are in step with the local app. It's just woke. ESG is short for woke. So what we're doing right now, when I was, I praised Alec yesterday because a year ago, this nobody even was talking about this yet. And those treasures have different financial obligations across the country. I handle all debt for the state. I invest billions of dollars in trust funds, so I started with what I can do and what I can control. And I started and I'm going to say this on your radio show this morning and I have not said this publicly anywhere. It would have been working on move in $600 million out of BlackRock. Because as much as they want to infringe upon Louisiana, what they want, Louisiana, why shouldn't Louisiana have the same right to pick and choose who we do business with? And look, I've been drugged through court that I can't do this. I can't do that. This coin is single sided and I don't like it. And as this ESG thing grows, it's good to see legislators and treasures sitting in the same room yesterday, talking how are we going to fight against us because it's typically when you look at the makeup of Alec and you look at the makeup of the SOF membership, you know, it's not New York, it's not New Jersey, it's not California. It's not where all the number and mass is off. So they want to stuff this stuff right down our throat. Not on the coast. It's Iowa and Ohio. Yeah, Louisiana and Mississippi. And everybody in between.
Strive Asset Management's Vivek Ramaswamy Describes 'ESG'
"Is Vivek ramaswami. Vivek. Welcome back to the program. Good to see you, Charlie how are you doing? Doing great. Thank you. And you are the author of nation of victims and the executive chairman of strive asset management. That can you walk us through what is yes G that is a great question to ask because the proponents of this movement have made it impossibly difficult to actually define. One of the things I've been doing is holding that movement to task for what it actually stands for. So the short answer is it stands for environmental social and governance factors that are supposed to influence how capital is invested in the economy. What does that mean? It's anyone's guess, but what it has come to mean in practice is that there is one political end of the spectrum that is represented. Its views and corporate America using the investments of everyday Americans to do it. So I'll make it really specific for you. What's basically happening is a small group of asset managers who pledge allegiance to this philosophy, ESG. Firms like BlackRock, state street, Vanguard, three of the largest asset managers in the world right there. Together, managing over $20 trillion that's more than the GDP of the United States. What they do is they aggregate the money of everyday citizens, probably many listeners of your program included in that. Maybe you and I too. And what they do is they take our money, but then they invest in money and companies across corporate America and tell those companies that you have to abide by these climate goals that you have to abide by these emissions caps that you have to abide by these diversity equity inclusion standards and racial quota systems in your boardrooms. And if you don't, then we're going to fire you as CEO, then we're going to take seats on your board, then we're going to cut your pay.
The Biden Family Is the Best Example of 'Elite Capture'
"Maria bartiromo and Marsha Blackburn exposing the Biden crime family. This is all part of it, by the way. The Biden family is the best example of elite capture that we have. They've been totally captured by the Chinese Communist Party. They're held hostage by the Chinese Communist Party. They do what they want. Play cut 20. Let's take a look at that right now because I have a graphic of what appears to be Joe Biden's China policy. First, we know that the family reportedly accepted $31 million at least from deals in China. That is from hunter's laptop. And senator Ron Johnson's investigation and Peter Schweitzer's reporting fails to demand any COVID origins investigation. We have no evidence that Joe Biden ever brought up the origins of COVID to Xi Jinping in the 5 phone calls that he's had. He's failing to call for an end of the fentanyl trafficking. I have not heard him mention fentanyl wants to fentanyl is made in China, pushed through Mexico into America. And it continues. He has canceled the China initiative. This was an initiative that was investigating the continued Chinese intellectual property theft. He's considering lifting the tariffs on China imports. He sent oil from America's strategic reserve to other countries, including China, and he is pushing electric vehicles solar panels and batteries, aggressively in his climate change agenda and many of those are made in China. And that's just part of it. Good for Maria bartiromo for saying that. And not to mention our elites do business with China, BlackRock is heavily invested in China, our corporate masters are intertwined with China. Bought and paid for by the Chinese Communist Party. And if I was China, I think that last email was super smart, I would try to do everything I possibly can to try to incite division and chaos here domestically.
"blackrock" Discussed on Money For the Rest of Us
"Whereas BlackRock is saying climate risk is investment risk. Is it any wonder that there's a lot of confusions? There's green washing that how does climate fit in creating long-term shareholder value? What do we do then? In terms of Vanguard BlackRock and other asset managers getting too big, there can be legislation. Some proposals are index funded and ETFs just aren't allowed to vote. Because those asset management firms actually own the shares and can influence the voting and they've gotten so big. Maybe they shouldn't be allowed to vote shares. Or there should be ownership caps with regards to the amount of ownership they own in any one company. There could be regulations about engagement and how active these asset managers can be, these big index fund providers can be an engaging with companies and sharing their views on climate risk, diversity, other social issues, or even other issues regarding mergers and acquisitions. If you go through the list of policies that Vanguard and BlackRock make public, it isn't just climate related issues or social issues. They have views on all aspects of corporate management. Black record Vanguard and other index funds and ETFs have been incredibly influential in bringing down investment costs for us as individual investors. But that doesn't mean we have to invest all our assets with Vanguard or BlackRock. There are other providers that we might consider that have smaller asset balances and perhaps aren't as active in outlining their policies and their shareholder engagement. Historically, that's what index funds did. They just didn't engage. But now they're much more involved in engaging with companies, but not every asset manager is that involved. Another option is we could just own individual stocks so we can vote our own shares and own the companies that we feel most comfortable with. Another option is direct indexing, a topic we discussed a couple of weeks ago in plus episode three 88. Direct indexing allows you as an individual with a very small account with fidelity only $5000 with Schwab, a $100,000, you own fractional shares in companies. So you have an ownership right. But you can exclude certain industries and certain companies. So there are other ways if you're uncomfortable with the activism of Vanguard or black rock if you think they've gotten too big. They're having too much influence on policy or cross ownership is making for less competition, more monopolies, there are other options out there..
"blackrock" Discussed on Money For the Rest of Us
"Every company to help its investors understand how it may be impacted by climate related risk and opportunities and how these factors are considered within strategy in a manner consistent with the company's business model and sector. Specifically, we ask companies to articulate how their business model is aligned to a scenario in which global warming is limited to well below 2°C. Moving towards global net zero emissions by 2050. Now Vanguard and BlackRock have not typically initiated shareholder proposals, but they can be highly influential in publicly supporting proposals by other shareholders. BlackRock said in 2021, it supported 47% of environmental and social shareholder proposals because they determined those proposals were consistent with long-term value creation, and didn't unduly constrain management in pursuing strategies to create shareholder value. But they voted against proposals that they felt were trying to micromanage companies. Vanguard's approach is similar. They said that they'll vote case by case on a management and shareholder proposals that request adoption of specific targets or goals and on proposals that prescribe adoption of environmental or social policies and practices, but that they won't support shareholder proposals that are too prescriptive. There's a balance there. What is this to prescriptive? The point is they are actively engaging where they are typically the biggest shareholder on these environmental and social issues. When Vanguard and BlackRock support a particular shareholder proposal, and again, they're typically not initiating them on their own, but they're supporting proposals from other activist shareholders. That often gives those activists shareholders much more influence than they would otherwise because now they have a big asset management company behind them. Vanguard and BlackRock's influence on other issues such as mergers and contests for control of the actual companies, if there's a hedge fund that decides they want to take over a company has gotten 5% of the shares, the influence of Vanguard and BlackRock in that merger or that proxy battle can be significant and potentially knowing the power of Vanguard and BlackRock. The CEOs of these companies are more than willing to engage with their largest shareholders on issues that matter to those shareholders. That being Vanguard.
"blackrock" Discussed on Money For the Rest of Us
"Welcome to money for the rest of us. This is a personal finance show on money. How it works, how to invest it and how to live without worrying about it. I'm your host, David Stein, today's episode three 90. It's titled. Our BlackRock and Vanguard too big and powerful. I recently received an email from a longtime listener. She is in her 80s. She mentioned that her individual retirement account, all of her grandchildren's college 5 29 plans, and most of the rest of her net worth is managed by Vanguard. She finds Vanguard easy to work with. They've provided helpful tax management strategies. But she sent me an article that concerned her. It was an editorial in The New York Times by far had manju. It was titled what BlackRock Vanguard and state street are doing to the economy. Manju suggests these three asset management firms control too much of the economy. How can that be? Aren't they just investing in stocks on behalf of their clients? Most of which are in index funds? Yes, of course. But the amount that they manage in assets keeps growing. The most recent ICI Factbook had an interesting chart. It showed in 2005, the 5 largest fund complexes, which would include Vanguard and BlackRock, controlled 35% of total assets in mutual funds and ETFs. By 2021, our yearend 2021, it was 54%. The top ten now controls 66% of assets and the top 25 83% of assets. The two largest by far are BlackRock with $9.6 trillion in assets under management, followed by Vanguard with $8.1 trillion in assets. Under management. BlackRock recently rode in an investment stewardship update that the assets we manage are owned by other people are clients. Who depend on BlackRock to help them achieve their investment goals. These clients include public and private pension plans, governments, insurance companies, endowments, universities, charities, and ultimately individual investors among others..
"blackrock" Discussed on Bloomberg Radio New York
"As one of our primary asset managers along with Vanguard BlackRock et cetera but dimensional is definitely one of our larger fund providers and I'm very aware of the process that dimensional goes through in order to make sure that their clients understand the philosophy you understand the model with an eye towards avoiding the sort of flavor of the month hey I'm chasing this hot manager No now I'm chasing that hot fun family ETFs are very much a break from that prior embrace of working very closely with clients tell us a little bit about the internal discussions that must have taken place before you switch to ETFs which hey anybody could go to their online training account or Robinhood or whatever it is And by the ETF how have you managed around that So there was two big drivers of that decision The first was input from clients And as I mentioned earlier we work with financial professionals So we don't work with the end retail consumer We work with financial advisers like firms like yourself who can get that level of understanding and knowledge and experience so they understand what we're what we're trying to accomplish A lot of those firms were saying we're using ETFs more and more frequently on behalf of our clients and we'd like to be able to use dimensional ETFs Could you launch ETFs please And so we took that away we thought a lot about it And that was kind of 2018 time frame And on the books with the SEC back then was a new proposed ETF rule And what that rule effectively did was it made ETFs much more straightforward to bring to the market much more straightforward for the end investor to evaluate but then also clarified some things around the inner workings of ETFs that were important to us because we're not an index manager We have a lot of the benefits of an index based approach that includes broad diversification low turnover low costs but we have an active implementation And so those rules got passed in 2019 the fourth quarter of 2019 is when the SEC adopted those rules rule 6 C 11 for anybody who's nerdy enough to want to look into them And that was a bit of a game changer for us We could do now what we had done in our mutual funds for decades in an ETF wrapper so there was no give up on the investment proposition As soon as that rule was passed we went into full launch mode By June of 2020 we had announced that we were going to launch by November Market Take care of your property with equipment you.
Brad Anderson: ESG Is Very Real & Very Dangerous for Companies
"I had a bunch of CEOs in generals and muckety mucks on a panel and they gave me the list of questions and a bunch of the questions were about ESG, environmental, social, and governance efforts. And companies in America are having to grapple with this and CEOs, CFOs, the C suites are having to deal with how do we how do we apply ESG to measure our company's performance? Do you care to weigh in on that, mister Anderson? Because it's something that a lot of our listeners are just becoming familiar with and listen, I felt like I was in The Twilight Zone last week because they're all nodding their heads and talking about how important it is and I kept the talk show hosting me wanted to scream out. I think you're hurting your own your own brand when you go down this path and say, we got appease activists on climate change or whatever the whatever the culture debate is, what do you make? What's your take on the ESG chapter of the companies are having to grapple with right now? That's very real and very dangerous for companies because it's the government asserting a set of values as well as big shareholders like BlackRock, saying you've got to invest your money in a way that we agree with. And you can't necessarily follow the economics again of the customer. It's part of the reason that we've gotten to be energy dependent suddenly from being energy independent is the investments get shifted into places that are maybe not as efficient. But there's a real pressure the companies are facing because it isn't just the SEC is recommending force enforcing ESG as well as big investment firms. So that's a real pressure on boards to comply with this external measurement system.
Ed Rensi: ESG Is Ridiculous and Ill-Defined
"About ESG like it's normal. And then I talked to one CEO after the event was over and he said, Mike, the unspoken truth is ESG, this corporate corporate governance forcing CEOs and companies to be climate change compliant and woke. It's destroying companies. It's damaging the very companies that should be in the business of increasing shareholder value. Well, there's no question this environmental social. Garbage. It's ridiculous. Right. First of all, it's ill defined from the very beginning. And for CEOs to feel that pressure, I don't know where that pressure is coming from because the vast majority of Americans don't believe that, but you ask an earlier question, I want to comment on something. When you look at the companies that manage investment funds for pensioners, pension funds. Right. And funding pensions in the United States, the laws are really specific. When I was on the board of directors, a snap on tools, we had to fund our pensions. And I tell you, we worked hard. We had the best accountants in the world during projections on future growth rates because we had a duty to the pensioners to protect their invested funds. Of course. Well, today you got organizations like BlackRock to control ten $1 trillion worth of these kinds of funds, they invest in these corporations and now they're starting to influence the CEOs of these companies that say, well, you got to look at ESG. Well, the pensioners don't necessarily believe that. I know. So what right does
Charlie Gasparino: Elon Musk's Bid for Twitter Leading Into Litigation
"Now if you're an institutional investor one of these large investment firms that leans woke like a BlackRock say that has a significant holding in Twitter I would think you darn well better have a counteroffer on the table before you go back to all these funds invested in you and all these retail investors as well and tell them you turned down a massive profit for woken I mean of course they're not going to say that But don't you have to have something on the table to avoid potential litigation later Well yes They may get litigation particularly if the stock continues to fall The stock falls I would say easing and everything people are going to say or fed tightening right And with the markets may be possibly selling off The people are going to say why didn't you hit the bid at 54 right We should point out let's see what the 6 month on this thing was 6 months It's been up 20% over the past 6 months Yes I'm looking at Tesla starry My tease mixed up Let's look at Twitter over the past 6 months Yes the tour has been down over the past 6 months So you might be you might invite a lawsuit by saying hey you know this stock is heading lower I guess it's off as high as it's never going to go back to those highs Why don't you just hit the bid at 54 There is always a possibility of a lawsuit But I still think Twitter is holding out and it doesn't want him involved And it still has enough where we have to say no without really massive I mean listen all these companies get sued Trust me on this
"blackrock" Discussed on Real Estate Coaching Radio
"This is going to sound crazy, but I actually don't think it is and we should do this to my dear. You could buy a house now in some markets. Most markets really, that you might think is elevated like, oh my gosh, that's such a ridiculous price. You could buy that and if all the people that are predicting essentially run away inflation for the rest of this year into next year are correct, it's probably the easiest money you could possibly make. So if you could buy a house down put 10% down $500,000 house put 50 grand down and that house elevates and value by 20 or 30% between now and this time next year, you've just made it easy a 150 grand for what was basically a $50,000 risk that you get back when you put the house back for sale. I'm not suggesting you do that, but I'm saying for those of you who are a little bit more adventurous, that is not such a bad idea. And here's the other thought I had the other day. Was it BlackRock, right? They own all those single-family homes. Can you imagine the massive value of the portfolio? No, they're sitting on. It's extraordinary. It is. Yeah, and it's so funny. People thought BlackRock was going to buy all those houses. They started buying them during the housing recession. They thought they're going to put them back for sale. Hell no, they're holding those bad boys forever. No, it really is astonishing. And you know, I know from us looking every day, but also from coaching clients and the coaches, there are, I wouldn't say they're necessarily deals, but, you know, 6 months from now, they're going to look like a deal probably. What's a deal, honestly? Well, something that's available, first of all. Exactly. Something that you can have a logical predictable upside to. So neighborhoods that you know school districts, you know, areas that are growing without getting too speculative. So again, this is perhaps for some of our more advanced clients, those of you who already have your basics in line, right?.
"blackrock" Discussed on WLS-AM 890
"Shareholders of Disney is a company called BlackRock BlackRock is one of these investment companies Folks you know when you go and put your money in ETFs and other investments you really watch where all that goes I mean really be honest Some of you may But the hard reality is probably upwards of 50 to 60% maybe more of you Are probably right now saying yourself yeah I don't know exactly where it goes Well I'll tell you where it goes It goes to these investment funds who they buy shares with your money They buy shares of companies And you know what they do with those shares They vote them What do you mean they vote the shares there You ever get those things in the mail if you own a stock and it says shareholder meeting coming up come on folks How many of you just throw them right into garbage I bet 99% of Jim's race is saying too My grandma's like yeah he's like I just threw Mike's like yeah I just went out yesterday Come on nobody does that But I promise you these big companies that run these investments you're giving money to in these ETFs and all these other things they vote those shares for you They do yes they do And Larry Fink is one of the guys that runs one of the biggest investment firms in the entire known cosmos If you don't know who Larry Fink and BlackRock REM have been listening to this show as we talk about it all the time but you better he's one of the most powerful men on this planet and I am not being hyperbolic He runs BlackRock The CEO of BlackRock controls billions upon billions in your money and assets And he decides who gets money and what firms do and don't And if he decides you don't get money and your firm is in a lot of trouble Here's Larry Fink from BlackRock Jim queue up for me cut to I played this last week This is Larry Fink Keep in mind this guy you would think this guy would be a big fan of capitalism right I mean he only runs an investment firm No apparently not Here's Larry thinking his own words big lefty saying you know Jim this is cut three just to be clear the one where he says the totalitarian government Here's Larry Fink saying you know what these totalitarian governments man They really seem to be onto something you know Democracy and whole thing is messy This guy runs one of the largest investment firms in the world And he's not even a capitalist Check this.
"blackrock" Discussed on Bloomberg Radio New York
"Is the chief investment officer for ETFs and index investments at BlackRock the firm manages over $10 trillion her groups run over 3 trillion in ETFs and about the same amount in indexes She is a regular on all of the most influential women in finance lists So let's talk a little bit about ESG generally and then we'll dig down a little more specifically Your boss Larry thing famously pens a letter each year to corporate America's tell us a little bit about why we do that and what's the thinking behind that Larry writes a letter to start a conversation and it's really a conversation with our clients who are owners in all of these companies across corporate America and what we think are the top of mind themes for the year ahead And it's a good integration of everything we've heard from clients and how we're thinking about the markets and how we're thinking about risk And it becomes really a point of bringing people together us inside the firm and us with our clients to take a look at the world and what we've learned over the past year and what we want to bring to the year in front of us Very interesting Let's talk a little bit about corporate governance How do you think about that in terms of affecting risk The conversation about corporate governance is one we've spent a lot of time thinking about because as you know but it probably bears speaking to explicitly And a lot of cases we vote the shares on behalf of the clients whose money we manage Right And the question is do those clients want to vote the shares themselves And something we did in December and it's actually gone live this month or it went live at the beginning of 2022 Was work to give our institutional clients and some of our co mingled fund clients but a good portion of our assets the option whether they'd want to vote their shares or not So it's early to say are they going to take us up on it or not But that will be very instructive to us Because our job is to help them create better financial futures create better portfolio outcomes in some cases they may want to participate in the corporate governance process themselves In other cases they may want to intentionally delegate it to us and we have a very big what we call investment stewardship function where we are very transparent We publish the criteria in terms of what we think is important when we engage with companies But some investors feel like well that that engagement with companies is part of the value proposition that I hire my asset manager for and some investors may feel nope I'd like them to manage my assets but I want the votes and we are really hopeful of increasingly being able to give those investors choice And I think the number now is about 60% of our AUM We have been able to offer votes to back to investors Let's talk a little bit about ESG generally you know for a long time it's captured a lot of mindshare people have talked about it especially with climate change and the focus on the environment but it doesn't seem like ESG is captured as many inflows as it has sort of mindshare What are your thoughts on that Is this going to be a persistent gap or are we seeing more people especially younger generations more interested in ESG investing I think flows are actually the tip of the ESG iceberg And what you don't see below the surface is the integration and evaluation of ESG risk across portfolios And that has captured a huge amount of time and attention from investors and certainly from us And it's actually really exciting from an investor perspective that reminds me again dating myself here But when I started at BlackRock I it was in 1993 And I think in the 5 years since BlackRock was founded interest rates had dropped Something like 300 basis points right Like late 80s call it 10% on the bond to 7% And one of the big topics of risk in the fixed income market was mortgage prepayments And so figuring out how to model that articulate that make that transparent better than anybody else again a big part of BlackRock's value prop that it was bringing to investors and we are doing the same thing today with climate risk and with ESG integration and we have integrated ESG metrics across our portfolios and transition risk metrics So we can assess what sort of risks are there And that's the really the first step It's measurement and transparency And then decisions around capital commitment and risk-taking Coming up we continue our conversation with Samara cone CIO for BlackRock's.
"blackrock" Discussed on Bloomberg Radio New York
"Is the chief investment officer for ETFs and index investments at BlackRock the firm manages over $10 trillion her groups run over 3 trillion in ETFs and about the same amount in indexes She is a regular on all of the most influential women in finance lists So let's talk a little bit about ESG generally and then we'll dig down a little more specifically Your boss Larry fing famously pens a letter each year to corporate America's tell us a little bit about why we do that and what's the thinking behind that Larry writes a letter to start a conversation and it's really a conversation with our clients who are owners in all of these companies across corporate America and what we think are the top of mind deems for the year ahead And it's a good integration of everything we've heard from clients and how we're thinking about the markets and how we're thinking about risk And it becomes really a point of bringing people together us inside the firm and us with our clients to take a look at the world and what we've learned over the past year and what we want to bring to the year in front of us Very interesting Let's talk a little bit about corporate governance How do you think about that in terms of affecting risk The conversation about corporate governance is one we've spent a lot of time thinking about because as you know but it probably bears speaking to explicitly And a lot of cases we vote the shares on behalf of the clients whose money we manage Right And the question is do those clients want to vote the shares themselves And something we did in December and it's actually gone live this month or it went live at the beginning of 2022 Was work to give our institutional clients and some of our co mingled fund clients but a good portion of our assets the option whether they'd want to vote their shares or not So it's early to say are they going to take us up on it or not But that will be very instructive to us Because our job is to help them create better financial futures create better portfolio outcomes in some cases they may want to participate in the corporate governance process themselves In other cases they may want to intentionally delegate it to us and we have a very big what we call investment stewardship function where we are very transparent We publish the criteria in terms of what we think is important when we engage with companies But some investors feel like well that engagement with companies is part of the value proposition that I hire my asset manager for And some investors may feel nope I'd like them to manage my assets but I want the votes and we are really hopeful of increasingly being able to give those investors choice And I think the number now is about 60% of our AUM We have been able to offer votes to back to investors Let's talk a little bit about ESG generally you know for a long time it's captured a lot of mindshare people have talked about it especially with climate change and the focus on the environment but it doesn't seem like ESG is captured as many inflows as it has sort of mindshare What are your thoughts on that Is this going to be a persistent gap or are we seeing more people especially younger generations more interested in ESG investing I think flows are actually the tip of the ESG iceberg And what you don't see below the surface is the integration and evaluation of ESG risk across portfolios And that has captured a huge amount of time and attention from investors and certainly from us And it's actually really exciting from an investor perspective that reminds me again dating myself here But when I started at BlackRock I it was in 1993 And I think in the 5 years since BlackRock was founded interest rates had dropped Something like 300 basis points right Like late 80s call it 10% on the bond to 7% And one of the big topics of risk in the fixed income market was mortgage prepayments And so figuring out how to model that articulate that make that transparent better than anybody else Again a big part of BlackRock's value prop that it was bringing to investors and we are doing the same thing today with climate risk and with ESG integration and we have integrated ESG metrics across our portfolios and transition risk metrics So we can assess what sort of risks are there And that's the really the first step It's measurement and transparency And then decisions around capital commitment and risk-taking Coming up we continue our conversation with Samara cone CIO for black.
"blackrock" Discussed on Bloomberg Radio New York
"Cone She is the chief investment officer for ETFs and index investments at investing giant BlackRock ETFs alone are over $3 trillion of BlackRock's 10 trillion And I think your indexing is another 3 trillion I don't know how much overlap there is between the two but you are definitely responsible for a lot of capital and that leads me to a quote of yours that I need an explanation on at BlackRock there is absolutely nothing passive about index investing Explain I am on a mission ferry to replace the word passive with the word index when people talk about ETFs and index investing Because how we manage our portfolios is extremely active And it goes back to that conversation we had about what investment performance is in the context of an ETF and index investment book it is delivering the index outcomes which the reason ETFs and index exists is that indexes aren't often easily investable They could have thousands and thousands of securities in them And so depending on how much you are investing you can't perfectly replicate the index And so you need to optimize to deliver that index outcome with as little friction as possible So that's delivering the index outcomes and then there is that huge dimension of ETF market quality Ensuring that the ETFs track the underlying portfolios with we call it premium discount behavior ensuring that their strong secondary market quality transparency and liquidity in the ETFs So we have teams of people not robots but actual people and a lot of them by the way are women around the world Who are actively managing our market quality and investment performance in our ETF and index books So that's why there is absolutely nothing passive about it Really interesting We've gone through these periods where there are these spasms of anti indexing sentiment And it goes all the way back to Jack bogle and the early days of indexing in the 1970s indexing is un American It's we've heard people call it Marxist It's going to lead to market crashes What's your perspective when you hear these things crop up By the way the latest one is it's anti competitive and it's going to lead to price fixing and a lack of competition due to all this ownership How do you respond to those sort of backwater law review silliness I begin with and we've written on this this year in something we call the investor progress report but we estimate that there's about a 120 million people around the world who are accessing our ETF and index capabilities There are more people accessing the market and investing in the markets and participating in economic growth on their terms than ever before in history And from my perspective there's really nothing that's more American than that So that's how I think about it I think ETFs bring markets They bring market access They bring transparency and increasingly they bring choice to lots of individual investors who are statement for retirement and thinking about their financial futures with the help of ETFs in ways that they couldn't before And a lot of the one of the pieces that we put out recently points out to the fact that a lot of the households who own ETFs in the United States have median incomes of a $125,000 So you're talking about investors who simply didn't have market access before who as a result of ETFs and indexation can get diversified strategies So manage their risk the way more sophisticated institutional investors have and participate in the markets So let's talk a little bit about product engineering Tell us a little bit about what that means What sort of projects are these teams working on It's one of those phrases that definitely resonates I'm glad that it resonates It's something that we've been using for a few years now And that team which is global there are product engineers in really every major region of the world and they do two things First they help design the operating models and the investment process for new ETFs How will creation redemption work What are the characteristics of the index How will the index rebalance those types of things When it comes to new ETFs and the second piece of what they do which is actually really critical is they continue to manage the structure of the product over its lifetimes So let's talk about the rest of your team You have portfolio engineers risk managers platform architects market structure developers and product operating model designers That sounds like some very intriguing job descriptions Tell us about what a market structure developer does or some of those other really interesting titles I think they're all exciting jobs And I do have to make a plug for anybody who is considering going into investing It's never a dumb question to ask what is the job Because there are so many different jobs and I remember when I was in college I was almost scared to ask that but as you just pointed out and it's fun for me to kind of hear you walk through it there are so many different types of ways to be an investor into participate in an investment platform So really we do three things Number one we manage day in and day out we are responsible for the investment performance of our funds how we're managing the portfolios through rebalances through corporate actions And how we're managing ETF market quality That's number one Number two is we are continuously improving our platform and the Aladdin technology that we use to manage our portfolios to make things that can be lower touch lower touch to give us capacity to spend more time on new markets and new strategies so that platform architecture piece how we create scale that's kind of bucket two of what we do And the third part is ecosystem leadership and you talked about we talked about how we engage with liquidity providers with stock exchanges earlier you talked about the COVID volatility and I think it's really important and was a really interesting case study in the U.S. that a lot of the volatility guardrails that have been put in place by the U.S. stock exchanges over the 5 years preceding March 2020 market wide circuit breakers limit up limit down Like the whole limit up limit down framework was really only ten years old had been tested a few times and had its biggest test in March of 2020 Really intriguing Coming up we continue our conversation with Samara cone chief investment officer.
Dr. Vladimir Zelenko on the Impending Economic Disaster and Collapse of America
"Hey there folks I'm talking to doctor Vladimir zelenko, so doctor zelenko, what is your supposition on why they're doing these things? Well, the stated goal of the World Economic Forum is an America should no longer be a superpower, and that a few global powers will rule the world. The impending economic disaster in collapse was known. It has been known for 30 years. People who have known their calculations saw and realized that Medicare and social security passed a threshold of no return. The only variable was exactly one going to start. And so the people vested in the world economy if you look at basically the corporate holdings of most corporations, 70% of them are owned by the BlackRock slash Vanguard monopoly because they invest in each other basically. So they have $20 trillion on assets. And this BlackRock Vanguard monopoly, for example, own CNN that owns Fox News. Owns Pepsi owns cook. Get it? And so the stakeholders of the Vanguard BlackRock monopoly are the ones that are most vulnerable to an economic global collapse.
Glenn Beck Explains Who BlackRock, Inc. Is
"I mean John Kerry is a very big role player in this here in America The Federal Reserve is gigantic in it The Federal Reserve has one of the tear people of BlackRock Advising the treasury the Federal Reserve has BlackRock in it Some people are president BlackRock is probably the biggest investment firm out there It dwarfs Goldman Sachs Most people haven't even heard of BlackRock They are the ones that are going out right now and buying houses 50% over asking price They are the ones who came up with what's called ESG environmental social and governance scores which everyone will have You already probably have one If you're with one of the big stock brokers if you look at your 401k it will probably report an ESG score That score is what's going to allow you to work to eat to move to buy things to bank because if you have a low ESG score if you're not high on social justice if you're not high on global warming or your business that you work for or you run doesn't have the right governance doesn't have enough women or blacks running it then you aren't going to be able to do business with the banks They will find you as a risk That's the thing that BlackRock has
John Kerry's Financial Crusade on Oil and Gas
"So let me go back to my question then, how did John Kerry force, I don't know, sitting Citibank to not loan money to an energy companies. Look, there's a lot of pressure that carry can bring to bear from the government. I mean, he is Biden's, I forget what his title is. Is there the climate guru, the climate guy for Biden? He carries a lot of weight in The White House. And he's going around at these banks saying, look, we've got control of the House. We've got control of the Senate. We've got the presidency. If you don't tow the line, if you don't get on board with this, not only are you going to have adverse reactions from investors like BlackRock state street and Vanguard that no huge amounts of these public companies these publicly held banks. And they're all pushing the ESG investment criteria, not only will you have pressure from them, but you'll have pressure from the federal government. So they all kind of freeze our hands up in the air and said, all right, we're going to commit to this carbon neutrality by 2050 and try and convince everybody we're super good people and in the meantime we'll destroy the American fossil fuel sector.
"blackrock" Discussed on Capital Allocators
"We had a tough go in. Oh eight and we're doing really well in all nine six six partners and didn't wanna come and take a lot of pride in most of the most of all this forty two people over to blackrock and the number of people actually running commercial mortgages asian creditor. You're being credit pretty proud of that a good group but i'll never forget it. We sat in a scaffolds room. And i said this place is the epicenter of finance and i said this is an exciting thing. It's not like if this opportunity presents itself was a once in a lifetime thing we make the call not unanimously. But we made the call and affecting people still here doing really well but at the time like you say it's become different today and it's pretty amazing. I started on my buddies run including the to match earlier. Run big macro hedge funds the information flow within the four walls of this organization around lemony walser. Our this organization is unbelievable. And i always think happened. They make ask. Japan will be a buyer seller bonds manage lot of money for ductless clients information advantages in the flows and technology the analytics and everything. I think there is a distinct advantage and puerto alikes. Somebody little less like more energized. i'd like he came to work at eight years ago. I think it's fine. I think it's dynamic. You're trying to figure it out. Got a lot of cool things you see within the platform. Flipside of it get frustrated at times. Like if there's a new issue in debt or equity. And i'd like the by a lot of that. That's the only time i can get a little frustrating at times but i think you know the research we have and the flow stuff. We look at friends of mine. Called me up. Look at a private equity investment or some in looking at investment in malaysia. That's a healthcare. Company got a healthcare analysts. We got malaysian analysts. So you can get down the road. Pretty quickly on assessing As anything for us but like you say when it's too hot new issue of scientists more sharing to do there. Yeah i imagine it's interesting. Blackrock.
"blackrock" Discussed on Capital Allocators
"Black blackhawks fixed income portfolio covers both active and index mandates across the breadth of vehicles and strategies around the globe before they dive in tim tonight. Discuss how it works with blackrock in client portfolios and positions rix strategic opportunities fund in fixed income allocations. Tim great to see you. Great to see you as well to supply blackson interesting one to talk about huge organization. Just love to frame this out by trying to get an understanding of how do you think about both rix role and blackrock in the context of your client. Portfolios sure yet. It's not exactly a niche ideas to interview someone from black rock. But they're a huge platform. They give every service you could possibly need when it comes to investment management. And so you've got to be a little bit selective. You've gotta figure out where those best in class offerings are on a platform like that in rick is one of those best in class offerings that we've identified it so when when we're doing our research you're looking much more bottom up at the strategy at the portfolio manager and the team in figuring out whether it's a great strategy in of itself and then your evaluation of the firm almost becomes like a veto on top of that if there's firm level issues that you identify if there's some ownership instability or if there's a lot of turnover or poor culture maybe that could be enough where you've got a great investment strategy but you're not going to recommend it because those firm issues but in black rocks case on think about having that large platform is they can dot every i and cross every t when make sure they're delivering that platform in the best way possible investors so we do think highly of them and we use a lot of different ways but rick's strategic opportunity strategy is probably the most notable on the lease so across your client portfolios weird. You see the variety of client saying. That's something i want and other saying. No no no that's blackrock or whatever it is is pretty diverse in the client types that will use rick strategy if fits a really important need in today's environment of getting you. Some return seeking exposure from the fixed income world without that duration. That often scares people. Away is a risk factor. That not everyone wants. If you're a corporate pension plan may be already got a lot of duration in your portfolio by hedging some of your liabilities. And you don't want much more but you want that unique alpha if you are at endowment or foundation you don't want a lot of duration exposure. Maybe but you can get that unique set of exposures that rick gives you with some of our clients maybe in the endowments space or private wealth base that are looking for more high vault dichio ideas. That's not what the strategy is. It's gonna be really well diversified. It's gonna be really reliable what it's not gonna give you this upside return or the downside return for that matter and some clients are looking to build a portfolio of really unique ideas and this is a little bit more down so with that type of risk profile and a mothership behind like black rock. How does that influence. How you think about position sizing of that take strategic income fund in those clients that use it. It's really interesting. Because it's down the middle from an overall portfolio perspective. It's a reasonable volatility level. It's a return expectation above what you might expect from. Just getting corban exposure with fifty basis points expected off on top of that but within a fixed income allocation. It's a pretty high tracking error strategy. When you think about what most fixed income strategies deliver for tracking error so you have to think of it in total portfolio action so for our clients that are thinking within their fixed income portfolio. Only want so much ball. It's not as much of a fit for our clients that are looking on more of a total return basis and comparing it may be to source of alpha from the equity side. Then it gets really interesting. It's still you have to be careful with sizing a lot of times with some of our most return seeking clients. There's just not enough fixed income exposure to get much exposure to this. You really may have ten or fifteen percent of traditional long only fixed income in this maybe takes up half of it but for some clients. It's going to be their biggest fixed income allocation. But it's not gonna be that supersized core bob allegation that you're used to seeing a a really classic sixty forty portfolio tim. It's a really interesting conversation. So what's that. Thanks for joy. Accident.
"blackrock" Discussed on The Breakdown with NLW
"Brief edition so four topics given roughly equal weight. There was just too much interesting stuff happening to do a normal episode. Let's kick it off by discussing some comments by the c. o. of blackrock. Larry fink around. The state of crypto demand. Black rock is the world's biggest asset manager and as such is undoubtedly one of the most influential institutions out. There folks in the bitcoin space have been tracking their attitude towards crypto pretty closely last november. Cio rick reader said. He thought that. Bitcoin and crypto could take the place of gold to a large extent. That's a direct quote. I think digital and the receptivity particularly millennials receptivity of technology crypto currency is real last december. Ceo larry fink. Follow that up making news when he spoke at the council on foreign relations with former bank of england. Governor mark carney. in that appearance he said quote. Bitcoin is caught the attention. And the imagination of many people still untested pretty small markets relative to other markets. See these big giant moves every day. It's a thin market candidate evolve into a global market. Possibly this was at the time big deal. It was seen rightly. I think as an endorsement remember at that point. Bitcoin hadn't reclaimed a new all-time high. It just heated up from there. In january blackrock added bitcoin futures as possible investment for two of its funds then in february blackrock cio. rick reader again jumped on squawk box and let the market know that black was officially in the bitcoin. Business quote today. The volatility of it is extraordinary but listen people are looking for storehouses value. People are looking for places that could appreciate under the assumption that inflation moves higher and that debts are building so we've started to dabble a bit into it that it of course being bitcoin now. This was pretty peak. Bitcoin is here. It was up seventy percent on the year. The time tesla had just announced its big one point. Five billion dollar investment and the framing that reader was going for. Is that effectively. It was a hedge play. That shouldn't any longer be ignored. Quote duration doesn't work interest rates. Don't work hedge so diversifying into other assets. Make some sense holding some portion of what you hold in cash and things like crypto seems to make some sense to me but now let's come up to today. Bitcoin has been floating down and sideways for months. So where is black rock at with it. Now let's listen to. Larry fink on cnbc earlier this week. In the past you've asked me about crypto and bitcoin again in my last two weeks of business travel now. One question been asked about that. That is just not part of the focus on retirement and long-term investors and we see very little in terms of investor demand on those types of things but quite frankly that may not come to blackrock for that type of demand but i would say for all the pension funds in the insurance company for all. Ria's that we're talking to for their clients. On behalf of their retirement. The dialogue is about how i navigate my portfolio. How should i think about my portfolio over over a long horizon. So a couple. Follow up thoughts. I i think there is an important self-awareness here that blackrock isn't going to be most people's first. Stop to learn about crypto. i also don't particularly mind..